Soybean futures on the Chicago Board of Trade declined for a second day as traders awaited significant purchases from top importer China. The most active contracts dropped up to 1% after a weeklong holiday, with the US supply outlook remaining ample. The US Department of Agriculture projected a 7% increase in soybean production to 4.562 billion bushels for the 2026-27 marketing year, with yields per acre also expected to rise slightly.
Matt Ammermann of Stone X noted the good US harvest is pressuring prices. While Beijing has pledged to buy at least 25 million tons of US soybeans annually through 2028 as part of a trade truce, it has yet to make large purchases since a national holiday ended last Wednesday. Meanwhile, wheat prices fluctuated as markets assessed the impact of broadening attacks in the Black Sea, including recent strikes off Bulgaria's coast that have prompted the country to summon Russia's ambassador to Sofia.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing